Minerco Resources, Inc, a developer of renewable energy solutions in Latin America, has signed an agreement to acquire the 4MW Iscan hydroelectric project in Honduras from Energetica de Occidente (Enercosa).
Under the terms of the deal, Minerco will acquire 100% of the project with Enercosa receiving a million restricted shares in the company in two instalments.
The Iscan project, located in the Municipality of Guata, Department of Olancho, is a run-of-river scheme currently in the early feasibility stage of development. Construction is expected to start in 2012, subject to completion of studies and project approvals.
“We are very excited to acquire the Iscan project,” said Sam J Messina III, Minerco’s CFO. “We believe that the project, once approved, will provide Minerco with substantial, long term revenue base for years to come.”
Last year, Minerco announced that it had entered into negotiations to buy other hydro scheme in Honduras – the 9MW Rio Toco and 6MW Chiligatoro projects.